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Fraud transaction done on Credit Card, bank asking for money
20-Nov-2023 (In Banking / Finance Law)
Mistakenly otp was shared with the person calling themselve as bank employee and second moment, we receive the banks messsage of certain amount has been deducted, immediately we call bank to block the card and file complaint in bank and FIR too in police station. the transaction was showing processing for 2 days, we contacted the bank to stop it but bank said that they can't stop it. Bank said they will investigate and police too but no outcome was there. Now after many months bank has sent notice to make payment of fraud transaction and they have increase the amount to double by adding interest and other charges. Now what should we do? it was already a shock for us finding out that the person called was fraud and now bank want payment with increased amount.
According to the revised guidelines, a customer will have zero liability in respect of a fraudulent transaction if there is contributory fraud or negligence on the part of the bank, irrespective of whether or not the transaction is reported by the customer. In case of a third party breach also, where the deficiency lies neither with the bank nor with the customer and the customer informs the bank within 3 working days of receiving communication from the bank regarding the unauthorized transaction, the customer will not be liable. Similarly, customer liability has been capped at Rs 25,000 if a person reports unauthorized transactions within seven working days. However, a bank is free to determine customer liability if such a transaction is reported after seven working days.
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Adv. Darsh Pareek
Jaipur | 25+ Answers
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You can file a complaint against bank for errors in service and you can also complaint at “banking Lokpal”
Bank is bound to block transactions after your complaint so in subject case you can file complaints against bank at consumer forum.
Bank is bound to block transactions after your complaint so in subject case you can file complaints against bank at consumer forum.
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Adv. Manish Vyas
Jodhpur | 25+ Answers
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